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PEOPLE first reported back in June that Richards was in talks to join the reality TV franchise; a source said at the time that the deal was “not final yet” but “very close.”

“Everyone is really excited about the possibility of having her on board!” said the insider.

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The Wild Things star had been rumored to be in discussions with producers for years, but “the timing was never right,” a second source close to the show told PEOPLE.

“Denise has been wanting to join the show for a long time,” the source explained. “She’s a huge Housewives fan and watches all of the shows. And she has close relationships with many of the women in real life, including Kyle and Lisa Rinna.”

“The timing was never right for her in the past, but the producers needed to shake the dynamic of the show up after a season without much conflict,” the source continued. “She’s going to be a great fit. She’s not afraid of the drama. And she lives a glamorous, Hollywood life — which the show looks for.”